Loan against property without income proof

jammy420

Adept
Is there any bank or finance company that provides loan against property without any income proof?
One of my family members has a property worth 70-80 Lakhs. ... Needs just 10% of its amount urgently. Will close it in 6 months time.
he has no income proof to be submitted.
 
Is there any bank or finance company that provides loan against property without any income proof?
One of my family members has a property worth 70-80 Lakhs. ... Needs just 10% of its amount urgently. Will close it in 6 months time.
he has no income proof to be submitted.

banks have to look at the repayment capacity which is the income. Try NBFCs like bajaj finance but the interest rate will be high compared to banks.
 
He should be able to get a personal loan against this property. Rates will be high because it would be a personal loan. As the amount is only 10% of the value of the property, I don't think banks, especially private ones, will have any problem in approving such a loan.
 
do they ask originals to be kept with them?
What?
They will get into a mortgage agreement with the loan taker which will be registered in the nearest revenue department office. No idea about originals etc. I don't even know what that is as I only have govt records of land I own. Maybe other people can chime in as I only own agricultural land.
 
You can walk into any bank and avail overdraft facility for a few thousand processing fee. If the property is valued at 80l, bank would give you OD limit of say upto 60l. Then, you can borrow any amount upto 60l for any duration. Interest would be charged on the borrowed sum only.
 
Agricultural land, lot of banks have kissan yojana loan products. Depending upon your persuasion power and the right jack, a kissan can have a loan at 0% interest and no income proof required. It's a little tedious work but it will solve your problem.
Also 70-80Lakh property may not be valued the same at the bank but a 7lakh loan may not even require you to.
I would suggest you don't go to these NBFC guys, they are blood suckers. Good luck
 
A loan against property should not require income proof. Any bank is worried about the security for their loan that you have provided in the form of property. I know a couple of cases like this.
 
NBFCs will be able to manage this. The property should be free-hold / loan free. I think they will want to keep the originals.
 
You can't get a loan against agricultural land right? I was told so. From private banks.
It depends. Like we got a home loan when we built a house on our agriculture land. Also, you get the normal Kisan Credit Card loans. And lastly, all depends on location. If you have agriculture land worth crores, then banks will lend to you based on their risk appetite.
 
It depends. Like we got a home loan when we built a house on our agriculture land. Also, you get the normal Kisan Credit Card loans. And lastly, all depends on location. If you have agriculture land worth crores, then banks will lend to you based on their risk appetite.
Thanks for the info. Will look into it :)
 
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